All posts by Mohammed Waseem

Instant Money Transfer Within India With Oxigen

By Mohammed Waseem

Instant Money Transfer is the trend today and small operators are coming up with instant money transfer solutions and are gaining lot of customers. Since the introduction of M-Pesa, the world has seen a large number of e-wallets and m-wallets. M-Pesa itself has been adopted in a number of countries, either independently or in partnership with a local mobile operator.

In India, M-Pesa works with Vodafone, while many other wallets are also available, including Airtel, YPAYCASH, OxiCash and so on. These operators require authorization from from the Reserve Bank of India (RBI) in order to operate in the country. All operators function in similar ways, but offer slightly different features.

OxigenOxiCash is a mobile wallet, also known as Oxigen Wallet, that facilitates instant money transfer to bank accounts, as well as to other Oxigen Wallets. The cash that can be stored in the wallet depends on what type of wallet one owns. They have Oxigen 10000 and Oxigen 50000; the former has a limit of INR 10000 maximum storage, while the latter does not.

Oxigen 10000 does not allow cash withdrawal and maximum limit per transaction is INR 10000. Maximum deposit allowed is INR 5000 and INR 10000 per month. The Oxigen 50000 wallet does not have such limitations.

There are three ways to send money with an Oxigen Wallet. The first one is wallet to wallet transfer and the second one is transfer to a bank account using the NEFT (National Electronic Fund Transfer) network, that works with IFSC (Indian Financial System Code). The third way is transfer to a bank account using MMID (Mobile Money Identifier).

This service is excellent for those who do not have a bank account of their own. Even if they do, they can transfer money to any bank in India instantly. This is a major difference with OxiCash, compared to other mobile wallets.

To open a wallet account, this link can be followed, or an SMS can be sent with the following details: “Oxigen*Agree*DOB(DDMMYY)*Full Name”, sent to 9870888888. The wallet can be refilled through net banking, debit cards, credit cards, in cash through any of Oxigen outlets and IMPS (Immediate Payment Service), which is an inter-bank electronic instant mobile money transfer service through mobile phones in India.

Tweet Money With The New Service, in France

By Mohammed Waseem

In France sending money has become very easy with a new service introduced. All a person needs is a Twitter account and a bank card to tweet money to a friend or make a donation. Groupe BPCE, a French bank has facilitated Twitter money transfer to offer hashtag money transfers.

Twitter is very common in France and has a huge user-base. BPCE believes that this move by the bank would boost their e-banking users. Just like a tweet, money would be sent as well. However, retweets are disabled for security reasons. The service is free of charge and is to remain free for individuals; a fee maybe chargeable to commercial clients.

bpce-twitter-paymentsBPCE has teamed up with Twitter to offer this service, and the process is the same as normal tweets work, except for retweeting. The primary objective of this service is crowdfunding, charity fundraising and also pooled payments like gifts for friends. The bank’s service called S-Money, which is a mobile wallet already has over 100000 users in France; they have a plan to attract over 1 million users in the near future.

The transfers work within France and can be accessed using the already existing S-Money app. The Twitter transfer feature has been introduced in the app update. To send money, one has to send a tweet by typing this: “@SmoneyFR #envoyer X€ @destinataire”. Here, X is replaced by the amount and ‘destinataire’ is replaced by the recipient’s Twittter handle.

The S-Money app is available on iOS and Android and can be downloaded for free from the respective app stores. The service is great for a group of friends who intend to share expenses.

Get Ready For Apple Pay, The Mobile Wallet By Apple

By Mohammed Waseem

While the world is going mobile, a number of companies are pitching into the payments space to make the best of the market before anyone else does or before the market saturates. Mobile payment is not available in many countries, but initiatives are being taken by many organizations to introduce the service all over the world.

Hopefully, with Apple Pay, the new mobile payments service by Apple will reach everywhere iPhones and iPads are used. Currently, Apple is launching the service in the United States only. With this service, Apple mobile device users can checkout online and at retail locations across the country. Launching this month, the service will be available only for iPhone 5 and later models including iPhone 6 and Apple Watch. iPhone 5 users can use this service with the Apple Watch.

Apple Pay by AppleThe technology used for the Apple Watch is amazing; whether the wearer is the owner of the watch or not is confirmed with the detection of the wearer’s skin beneath the watch, through a PIN code entered when the watch was first put on. The technology used for payment is NFC (Near Field Communication), which is used in contactless payments or cardless payments.

The response to this from businesses is amazing; 222000 vendors are already supporting Apple Pay. Supported Apple devices come with a dedicated chip that securely stores a unique number called the Apple Pay ID. This ID is used when payments are made, the last 4 digits of the same would show on receipts.

Apple Pay would act as a mobile wallet that stores cards which would be used for making the payments. It would be seamlessly integrated with most of the apps for in-app purchases. Even while purchasing in store, the service is highly secure as the vendor would not know the user’s card number, name, or any other personal information. Interestingly, even if a device is lost, the payment information would remain secure.

Let’s wait for the service to launch and see how far it goes. It would be nice to see it introduced in other countries as well.

MTNMMO, Mobile Money Transfer To Africa

By Mohammed Waseem

MFS Africa, an organization that connects money transfer operators, remittance hubs and banks to mobile wallet schemes across Africa operates a money transfer service that enables senders to send money to various African nations. Currently, the supported destination countries are Benin, Ivory Coast, Liberia and Rwanda. They have plans to include more countries soon. The service is called MTNMMO.

The money transferred is instantly delivered to the recipient’s MTN Mobile Money account. This means that the recipient needs to have an MTN connection in order to be able to receive funds. Senders can start sending money by following three steps, which are registration, transfer and payment. In order to use the service, senders need to submit proof of identification in order to comply with anti-money laundering regulations.

MTNMMOHowever, senders can instantly make one transfer without registering; and this transaction is limited to a transfer amount of 100 EUR/CAD/USD/GBP. Once verified, senders can avail all the benefits including higher limits.

Users can register here and upload the relevant documents after making the first transfer. They need to do this only once. To send money later on, senders need to click on ‘New Transfer’ and select the recipient or enter their details anew, and then enter the transfer amount and the payment method before confirming all the details.

After having confirmed the details, senders are redirected to their bank to pay by a bank card. Once the payment is complete, the money is immediately transferred to the recipient’s MTN Mobile Money account. Sender gets a confirmation message with the details and a reference number and the transaction is added to the account history.

At present, only debit cards from Visa, Mastercard and Maestro are supported and no credit cards can be used to pay for the transfer. Recipient can cash out the funds at any MTN Mobile Money agent in the destination country. Transfers to Liberia are free of charge, but transfers to Benin, Ivory Coast and Rwanda are charged a flat fee of 4 GBP from the UK, 5 EUR from the Euro Zone, 6 CAD from Canada and 6 USD from USA.

Cardless Withdrawal in Malaysia

By Mohammed Waseem

Cardless cash withdrawal is the new trend that is starting to become common around the world. It works mostly in case of money transfers, where senders transfer an amount to the beneficiary who has the option to withdraw the cash at an ATM without using a card. It works with codes that recognize the transactions.

Malaysia’s Maybank has a money transfer app that enables the senders to send money to anyone in Malaysia, without even knowing their bank account number. The former can send money using the recipient’s mobile number. The latter then receives a text message with the code that should be used for withdrawing the cash.

MaybankOnce the transaction has been initiated and the recipient has received the code, they can visit any of the Maybank teller machines and use the bank’s cardless withdrawal function to collect the cash. The code has to be provided to authenticate the transaction.

The transfer completes instantly and the recipients can collect the cash as soon as they receive the text message containing the code. A number of countries have introduced this facility to simplify local money transfers and this have proven to increase the adoption of online banking and money transfer.

The bank introduced this service in Singapore last year and in Malaysia now; Maybank expects at least 30% increase in the value of online transactions in the next two years. The current value of Maybank’s online transactions is 13 billion ringgit, which is equivalent to $4 billion. They also have a plan to introduce the service throughout the network that extends to Cambodia, Indonesia and the Philippines.

The app not only facilitates money transfer, but also enables the users to perform many other banking transactions including bill payment, prepaid mobile top up, etc. The money transfer facilities include instant transfer using the recipient’s mobile number and interbank transfer.

The app is available for download for Android, iOS and Windows Phone devices from the respective app markets.

Mobile Money Transfer By World First

By Mohammed Waseem

We have heard and discussed about foreign exchange companies getting into the money transfer business; there are a lot of them in the market, each trying to outperform the other by offering exceptional services. Each of them try to attract customers and offer services comparable to those offered by banks, but at a much lesser fee.

We had learnt about a money transfer service offered by World First last week; let us now discuss about the Android and iOS solution offered by them to transfer money on the go. We had learnt that they provide better rates and charge lower fees, with the mobile app, customers can get all those services right in their hands.

World FirstThe app is available on Google Playstore and on iTunes. At present, only individual customers are fully supported, but corporates can still use the app for few features. It may be available for the latter very soon, as the company is working on it. Users can easily and quickly send money using a debit card, any time from their smartphone or tablet, it takes as less as 30 seconds to complete a transfer.

Payments tracker helps the senders track their transfers and know when the recipient has received it. They can also check live rates and initiate a transfer accordingly, in order to ensure best rates and more money for the recipient. In addition, the app has an inbuilt currency converter that helps the users know the value of the recipient’s currency and send money in local currency accordingly.

Users also use this app to make transfers between their own accounts. The services offered through this app are similar to that offered online on World First’s website, but for the fact that transfers can be done anywhere and at any time, the app is just great. It is also on par with other money transfer apps. The android app can be downloaded from here.

Mobile Money Transfer in The UAE With RAKBANK

By Mohammed Waseem

Money transfer at the touch of a button is a new trend in the money transfer space. In different places in the world, mobile solutions have been introduced to make this true, to enable senders to transfer money on the go from anywhere at any time, just by touching a button on their smartphone or tablet. Mobile apps are made available for different platforms to increase adaptability and to increase the customer base.

National Bank of Ras Al Khaimah (RAKBANK), a UAE based bank has introduced an excellent mobile app for UAE mobile phone users that promises easy money transfer on the go. The bank promises to make life more convenient by allowing users to make instant money transfers. The service is available in the bank’s present mobile app and not as a standalone app.

RAKBANKThe feature is called MobileCash and it allows UAE residents to make instant money transfer to anyone in the United Arab Emirates, at any time and from anywhere. Of course, senders need to be customers of the bank in order to be able to use the service.

No fee is chargeable for sending money using MobileCash and the service is ideal for sending smaller amounts, such as in case of sharing expenses, paying back a friend and so on. The sender needs to provide the mobile number of the recipient and their name in order to send money. The recipient has to visit any RAKBANK ATM and enter the code received by SMS and the amount being received, in order to withdraw the cash.

The code is valid for 24 hours, within which the money has to be withdrawn, failing to do which would result in the money being credited back to the sender. The app is a great introduction and similar to many such solutions available in other countries. With this feature introduced, the customers of RAKBANK have one more reason to remain loyal to them.

Manage Personal Finance With Bluebird

By Mohammed Waseem

When we talk about personal finance, how about extra personal services such as Roadside Assistance, Purchase Protection and Entertainment Access? All this, apart from the ability to transfer money to and from friends, family and just anyone.

American Express has this product called Bluebird, which comes with many features to support personal finance planning for the users. It is known as the checking and debit alternative. It is a great product to send money between friends and family. In addition, users can put aside, a particular amount to spend in the future for specific purposes; this is done with the SetAside Account.

BluebirdUsers can add funds to their account from their bank accounts. They can also add direct deposit free and they can also add funds using checks using the Mobile Check Deposit. In addition, they can add cash funds from any Walmart checkout register.

Users can also write checks using the service, to pay for various services including rent, doctor’s visit, etc. Four separate family accounts can be setup to manage family expenses; this includes three accounts, which are Teenager account for daily expense allowance, College Student account for stationery and other college expenses and Parent account for quickly send money when needed. Daily spending limits, ATM access authorization and email alerts can be setup easily.

In a nutshell, users can directly deposit funds to their account, add checks or use bank accounts to add funds for managing expenses from one place. The account is free from any credit review and the users get great customer service along with a lot of membership benefits.

Benefits include assistance to drivers at times of car break downs, ability to book for events in advance and so on.

All of this at no additional fee at all; no monthly fee, no activation fee, no deposit fee, etc. Fees maybe applicable for withdrawal, payment and third party cash load packs, apart from Family Account related transactions.

As the product is described, it gives the benefit of banking without all the fees. It is available to all US residents, but some features are not available to users in Virgin Islands. Smartphone users using Android or iOS can download the app from the respective app markets. Registration can be done from here.